CIT ex­perts want to help farms cope with milk price volatil­ity

Irish Examiner - Farming - - NEWS - Stephen Cado­gan

Ex­perts at the Cork In­sti­tute of Tech­nol­ogy (CIT) want to bring new skillsets to dairy farm­ers to help them cope with milk price volatil­ity.

Ex­tremely low dairy prod­uct prices can cause many fi­nan­cial prob­lems for dairy farm­ers and can ul­ti­mately threaten their sol­vency. Ac­cord­ing to CIT, ex­tremely high prices can re­sult in dairy prod­uct sub­sti­tu­tion in the mar­kets which can be dif­fi­cult or im­pos­si­ble to re­verse. Tools for man­ag­ing volatil­ity in­clude di­ver­si­fi­ca­tion, for­ward con­tracts, dairy de­riv­a­tive con­tracts, in­surance, and pol­icy ini­tia­tives, but use of these tools is con­di­tional on those in the sec­tor un­der­stand­ing them, ac­cord­ing to CIT sources. Dr De­clan O’Con­nor, de­part­ment of math­e­mat­ics, said: “We are par­tic­u­larly in­ter­ested in en­gag­ing with the var­i­ous stake­hold­ers, in­clud­ing farm­ers, on the struc­ture and con­tent of be­spoke ed­u­ca­tion of­fer­ings which will form part of our farm ed­u­ca­tion pro­gramme.”

Co Cork-based dairy farm­ers are in­vited to at­tend CIT in­for­ma­tion and con­sul­ta­tion events on Wed­nes­day, April 11 in the Celtic Ross Ho­tel, Ross­car­bery; Wed­nes­day, April 18 in the Wallis Arms Ho­tel, Mill­street; and Wed­nes­day, April 25 in the Fir­grove Ho­tel, Mitchel­stown.

All these events com­mence at 7.30pm.

The ini­tia­tive is sup­ported by Cork County Coun­cil, and the Mayor of the County of Cork, Cllr De­clan Hur­ley, en­cour­aged dairy farm­ers to at­tend.

“As a dairy farmer my­self, I am only too fa­mil­iar with the un­cer­tain­ties of this in­dus­try. “I look for­ward to the dairy sec­tor of Cork shar­ing its views and ex­am­in­ing such op­tions.” Queries may be sent to math­e­mat­ics@cit.ie and no ad­vance reser­va­tion is nec­es­sary be­fore at­tend­ing the events.

Mayor of the County of Cork, Cllr De­clan Hur­ley has en­cour­aged dairy farm­ers to at­tend CIT events.

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